JPMorgan Chase & Co. CEO Jamie Dimon and his family have sold $150 million worth their shares in the banking company, according to a US Securities and Exchange Commission filing. This comes after Dimon's announcement last year that he would start selling the shares for the first time since taking the helm 18 years ago, Bloomberg reported.
On Thursday, Dimon and his family sold close to 8,22,000 shares in a series of transactions. During his tenure, the stock has outpaced peers and the overall market, and it is currently trading at a record high.
“Mr. Dimon continues to believe the company’s prospects are very strong and his stake in the company will remain very significant,” JPMorgan Chase & Co said in its October 2023 filing about his planned sales.
As per the announcement, Dimon and his family have planned to sell one million shares in the company, subject to terms of a stock-trading plan.
After Thursday's sales, Dimon and his family continue to hold around 7.7 million shares in the multinational company.
Amid its deal for the First Republic Bank, JPMorgan emerged victorious among banks in 2023. The New York-based company's net interest income reached a record high, and its shares surged by 27%.
When he took over as the CEO of the company in 2005, its stock was trading at around $40. However, Dimon sold the shares for almost $183 a piece on Thursday. The company's stocks had rallied close to 30% since it was announced in October last year that Dimon and his family are planning to offload shares.
On Friday, the stock of the company gained 0.5%. Wall Street analysts have a resoundingly positive outlook for the company's stock.
Meanwhile, a week ago, it was reported that JPMorgan Chase and Co had to pay civil penalties of around $350 million to regulators for reporting incomplete trading data to surveillance platforms, as per a regulatory filing.
It claimed that some trading and order data obtained through its Corporate and Investment Bank unit was not incorporated into its trade surveillance platforms in response to government questions concerning its trading procedures.
(Edited by : Sudarsanan Mani)
First Published: Feb 24, 2024 10:58 AM IST
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